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Team Trading

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www.teamtrading.com/..
Category: Prop-Firms
Unlike firms that require traders to put their own capital at risk when establishing a trading account, Team Trading offers traders the opportunity to trade our money upon completion of their training, as part of our own trading team. We absorb a trader’s losses and share in the profits, so we make money when our traders make money. Our team currently numbers more than 1,800 traders, and their ranks continue to grow exponentially.
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Scam
In March 2, 2009 I opened an Independent account with “Velez Capital Management” / "Team Trading" because of Oliver Velez advertising for low commission. They asked for $5,000 minimum for risk security deposit. After a few months of trading and talking to a few other investors I found out that VCM has collected risk deposit balances as unregistered broker-dealer and most likely have embezzled the money.

Shortly after in December of 2009 I emailed Fred Amato (Independent Account Manager) and requested to close my account and return my deposit as it was stated in my contract. He agreed and he said I will get my deposit back in January of 2009. I contacted him again in January and he said I will receive my deposit in February. So I contacted him again in February and I got no respond back afterwards. I found last week that VCM (Team Trading) is closed now and I have nobody to contact to get my security deposit back.

I have been following a thread on Elitetrader.com and there are many other people that were pulled into this scam.

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
6 of 6 people have found this review helpful.
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WARNING! Do NOT put money in non-registered brokers!
Team Trading began as Velez Capital Management back in early 2007. It started out as a training and education firm, collecting millions of dollars in fees from its students. However, they also accepted funding for independent accounts for those who wished to simply fund an account without buying any training services. These accounts got up to 10 times leverage for daytrading purposes. THIS FIRM AT NO TIME WAS EVER A REGISTERED BROKER-DEALER! Only SEC registered firms can accept funds from investors and take an override on commissions from trading activities. NOW THE FIRM HAS BREACHED THEIR CONTRACTS WITH HUNDREDS OF INVESTORS who funded independent accounts. Phones are dead, offices are closed and websites are down. ANYONE WHO EVER OPENED AN ACCOUNT WITH THIS FIRM needs to contact the SEC and file a complaint. Investors are waiting for access to their funds, but word has it that THE MONEY HAS DISAPPEARED! One of the founding partners, Charles Vaccaro, has allegedly taken money from SEVERAL OTHER FIRMS in the past using the same scam, so this is nothing new for him. Oliver Velez, the other partner, is caught up in a legal battle with his partner to gain access to funds and migrate the traders to a new registered broker. Velez was familiar with Vaccaro before starting VCM and should have known better regarding Vaccaro's shady past dealings. The SEC is fielding complaints, and hopefully can get to the bottom of this. Until then, know who you're dealing with before giving your money to any firm, and MAKE SURE IT'S A REGISTERED BROKER WITH THE SEC, not some shady company like Team Trading...I and many others are still waiting to hear the answer to our question: "WHERE IS OUR MONEY?"

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10 of 10 people have found this review helpful.
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Nice Warning
the previous reviews are really helpful. Thanks for writng reviews to warn other investors.

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8 of 8 people have found this review helpful.
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Royskidorski puyallup, wa

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Sad but true Team Trading took the $$$ and ran
Besides the chatter that Mr. Velez continues to provide the bottom line is on 3/12/10 when I went to put a trade in I was blocked. Nice way to find out that the firm you have been with for almost a year had decided it was time to lock the doors, unplug the phones and block you from accessing your account.

It would not be fair to only single out Mr. Velez since he was half partner to this mess he is trying to now distance himself from. Let's not forget, Charles Vaccaro the other half owner who seems to keep his mouth shut, which means he probably couldn't cut the same deal Mr. Velez has with whoever is getting to the bottom of this. Just yesterday I received a note from Oliver, this is one paragraph of it: "If you think Vaccarro is ever going to return your and my money (millions and millions have gone missing of my money) you are truly naive. And if you and others think your moeny can ever be returned by making it harder for me to generate revenue in the market place you're out right dumb and stupid. I hate to be this blunt but...I'm the white knight being painted black here. And the linger that persists, the longer people get or see nothing." This is how he pictures himself. Thank God for white knights. Surely he will save everyone.

We should not lose sight of the other players in this game, no matter how innocent they want everyone to think they are, each one knew something and never had the balls to blow a whistle:

James Droskoski, a buddy of Vaccaro.......no suprise on the whistle there since he's been down the road with Charlie before. He also did a poor job of managing the data since everyone and his brother has all of our email addresses except the traders, who have lost that and their money.

Malcolm Murray, who's name is on the email Vaccaro sent to all traders on 1/15/10 stating that Team Trading Extreme was a wholly owned subsidiary of Team Trading.....did you forget about that one Malcolm?

Fred Amato, promoted to VP of Team Trading Extreme in charge of new accounts and the deposits. Fred, you have always treated me with kindness and I have always appreciated that even though I was just a small trader. However, you have to know something and I hope you will do the stand up thing and lay this out, then get on with your new life at T-3.

As I mentioned above, I was a small trader here, hit for $3k. It's more for pride and principal to me now, so I have nothing to really gain except to see some form of justice done. After all, Ollie has already said we won't get our money back and Ollie is always right.

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10 of 10 people have found this review helpful.
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My Money Is / Was Stolen By This Company - S-T-O-L-E-N !!!!
Initially I sent in $7,000 Dec. 2009 then went to make an additional wire at the beginning of Feb. 2010 my bank returned my wire saying that the information I had was not valid - the bank account i had previously wired to had been closed. I called Team Trading and they told me that due to "fradulent" activity in the account they had to move my money - hey would have been nice to know right? So like an idiot I had them send me the NEW bank info and wired an ADDITIONAL $7,000 into it. Requested some of my money back 3 weeks later - never received it. A mere month after that I do not have access to my account, no one has told me where my money is, and the web-site has been shut down and all phone lines disconnected. This has been the same story with hundreds of traders that tried to trade through this "firm". I have filed a complaint with the SEC and FBI as have at least 40 other traders. Estimates come in that these crooks made off with more than 500 accounts between $3,000 per account and upwards of $60,000! They are simply gone - do not respond to anything and avoid the questions - as in Oliver's case - "no comment" my word is my actions. Well, brotha, your actions are that you were 50/50 this company and my money is 100% gone - is that what you want to hide behind?

DO NOT DO BUSINESS WITH THIS COMPANY - if you want to throw away thousands of dollars at least take a nice vacation with the money - so you will have a pleasant memory. All I have is stress, stress and more stress. As a single mom to a toddler - how can these people sleep at night? GIVE ME MY MONEY BACK - I worked hard for it!

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13 of 13 people have found this review helpful.
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Nickic Seattle, wa

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Unlicensed prop firm run by dubious partners
Like many I was burnt by Velez/VCM/Team Trading/TTE!

Amazing thing is Oliver Velez is starting another similar venture, OliverVelez.com. "But wait, there's more!! it's bigger and better...plus, we're licensed now!"

Great for you Oliver, but what about us thousands that trusted you before!

"SHOW US OUR MONEY!!!!!"

He says that all previous traders will get FREE training in his new venture...but what's that adage: "Once bitten, twice shy!" Or "Fool me once, shame on you; fool me twice, shame on me"

Kinda hard for us to trust you anymore! Damage's done!

We want our money back!

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8 of 8 people have found this review helpful.
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Krash Chicago, IL

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Total and utter scam! No other way to describe them
This company is run by some very savy, and well known scammers. Their forte is getting in trader deposits and walking away with the money. All they do is change the name of the company, make numerous false claims as to why the company is closed or changed, and the traders along with those who paid for their educational services are left out to dry. Ask for the money in your account to be returned to you and you will get no where, try and sue them, you will only waste money because they will dissolve the unit that stole the money, they will claim there is no longer any money in the company. I am telling you all this from experience and it is 100% fact. Please stay away from them, and be aware because they will just shut down this most recent scam of a company team trading, which took over after velez capital management and numerous others prior to this scam. Look them up, I am dumb founded how more people have not gotten together to stop these crooks!… I think its mostly because they are highly skilled at smoke and mirrors and keep many people stringing along and foiling any attempt at legal action against them. I have facts, and personal experience with this, please feel free to contact me for details – but do yourself a favor and stay far, far away.

Tim, please look into these guys and help expose this very large scam!

Charles Vaccaro (who is quoted saying the US. Protects criminals), Oliver Velez (who is trying to play victim while walking away with 10’s of millions from this scam alone). Jim Droskoski, who is another one of their cohorts and apprentice to the spin master, fraud kings! This needs to be announced, more people need to be aware of these crooks so the can stop stealing peoples money.

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14 of 14 people have found this review helpful.
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Eddez Boca Raton, FL

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